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Slide #37. Cross Country Healthcare — Assets of Allied Healthcare Business
Cross Country Healthcare (NASDAQ:CCRN)
Assets of Allied Healthcare Business
Cross Country Healthcare, Inc. (NASDAQ:CCRN), a leading provider of healthcare staffing solutions, announced today that it has acquired the operating assets of On Assignment, Inc.'s Allied Healthcare staffing division for an aggregate purchase price of $28.7 million, subject to immaterial post-closing adjustments. Excluded from the transaction were the accounts receivable, accounts payable and accrued compensation of the business being acquired. Cross Country utilized a combination of approximately $24.5 million cash on hand and $4.5 million borrowings under its credit facility to fund the asset acquisition and related costs. Subsequent to the transaction, Cross Country has approximately $21 million of remaining availability on its revolver loan. Based on unaudited financial statements, the acquired Allied Healthcare business generated $39.5 million in 2012 revenues and is projected to generate approximately $41 million of revenues for all of 2013. The acquisition is expected to be accretive to Cross Country's 2014 earnings by approximately $0.04 per diluted share.
Cross Country Healthcare provides talent management, including workforce solutions, contingent staffing, permanent placement and other services for healthcare clients. Co.'s segments include: Nurse and Allied Staffing, which provides workforce solutions and staffing, including temporary and permanent placement of travel nurses and allied professionals, as well as per diem and contract nurses and allied personnel; Physician Staffing, which provides physician staffing service, certified registered nurse anesthetists, nurse practitioners, and physician assistants; and Search, which serves as a direct-hire talent acquisition partner to healthcare organizations and academic institutions.
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Hold (2.33 out of 4)
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